Company registration number 4763295 (England and Wales)
TILE WITH STYLE (YORK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
TILE WITH STYLE (YORK) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
TILE WITH STYLE (YORK) LIMITED
STATEMENT OF FINANCIAL POSITION
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
48,726
37,912
Current assets
Stocks
198,000
142,000
Debtors
5
33,392
31,285
Cash at bank and in hand
65,976
129,123
297,368
302,408
Creditors: amounts falling due within one year
6
(154,652)
(135,355)
Net current assets
142,716
167,053
Total assets less current liabilities
191,442
204,965
Creditors: amounts falling due after more than one year
7
(51,349)
(47,216)
Provisions for liabilities
(4,131)
(9,392)
Net assets
135,962
148,357
Capital and reserves
Called up share capital
8
50
50
Profit and loss reserves
135,912
148,307
Total equity
135,962
148,357
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 March 2024 and are signed on its behalf by:
Mr D Emmerson
Mrs C Emmerson
Director
Director
Company Registration No. 4763295
TILE WITH STYLE (YORK) LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023
31 July 2023
- 2 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
Tile With Style (York) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Shipton Road, York, YO30 5RB. The company registration number is 4763295.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
2.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% reducing balance
Equipment
25% reducing balance
Motor vehicles
25% reducing balance and 20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
2.5
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
TILE WITH STYLE (YORK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2
Accounting policies
(Continued)
- 3 -
2.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are measured at transaction price including transaction costs.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.
2.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
TILE WITH STYLE (YORK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
2
Accounting policies
(Continued)
- 4 -
2.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was as follows:
2023
2022
Number
Number
Total
5
5
4
Tangible fixed assets
Fixtures and fittings
Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2022
13,863
6,144
56,839
76,846
Additions
1,579
22,800
24,379
Disposals
(5,745)
(5,745)
Transfers
423
(423)
At 31 July 2023
15,865
5,721
73,894
95,480
Depreciation
At 1 August 2022
11,115
5,566
22,253
38,934
Depreciation charged in the year
642
123
11,096
11,861
Eliminated in respect of disposals
(4,041)
(4,041)
Transfers
336
(336)
At 31 July 2023
12,093
5,353
29,308
46,754
Carrying amount
At 31 July 2023
3,772
368
44,586
48,726
At 31 July 2022
2,748
578
34,586
37,912
TILE WITH STYLE (YORK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
23,992
19,185
Other debtors
9,400
12,100
33,392
31,285
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,015
9,768
Trade creditors
82,815
64,549
Corporation tax
11,664
10,704
Other taxation and social security
11,842
10,050
Other creditors
38,316
40,284
154,652
135,355
Included within other creditors are pension contributions of £346 (2022: £346). £6,348 (2022: £3,061) of hire purchase contracts included in other creditors are secured on the assets detailed in the agreement.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
19,908
29,923
Other creditors
31,441
17,293
51,349
47,216
£31,441 (2022: £17,293) of hire purchase contracts included in other creditors are secured on the assets detailed in the agreement.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50
50
50
50